Columbia Insurance Group will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than sixty CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.
Columbia built a cloud-based agent portal to support quoting, straight-through processing (STP), and streamlined application submission for small business. Deployed in under two years, the project resulted in major year over year written premium increases for supported products, reduced average quote time by 46%, and increased portal use 310%.
“Columbia’s case study is a classic example of an insurer using technology to sell more by creating a sleek user experience and leveraging STP to reduce transaction times,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“I love it when Underwriting, Processing, and IT all come together to help our customers,” says Doug Duncan, Vice President and Chief Information Officer at Columbia. “By becoming hyper-focused on ease of use and process automation, we were able to conduct more business, more quickly, and with less effort for our employees and agency partners.”
Columbia’s case study, along with case studies of eleven other winners and more than 50 additional cases considered for Impact Awards, was published this week in Novarica’s 10th Annual Impact Case Study Compendium, online at https://novarica.com/impact/. Novarica has published nearly 300 case studies through this program since 2012.
About the Novarica Impact Awards
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. CIO council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.
The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 400 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information can be found at https://novarica.com/council/.
The Council is managed by Novarica, a research and advisory firm that helps more than 150 insurers make better decisions about technology projects and strategy through published research, advisory services, strategic consulting, and special programs. https://novarica.com/
About Columbia Insurance Group
Headquartered in Columbia, Mo., Columbia Insurance Group provides comprehensive property and casualty insurance to policyholders in 14 states. Columbia Insurance Group has branches Atlanta, Ga.; Austin, Texas; and Omaha, Neb., in addition to their home office in Columbia, Mo.